What to do with MY HELOC
Primary resident has a HELOC, bank has frozen the HELCO Im paying it down, and I have never been behind on it, all bills paid on time, but debt of CC are maxed. Have almost 400k in equity dont really want to refi into more debt, paying down debt now on CC. Need to know if I should hold off on rolling in to a refi for FHA loan which will consolidate debt, but cut into my equity and put us into more debt. Please advise, open for suggestions.
@Leslie Richardson keep in mind you don't have to put debt on your equity position. I don't know what your numbers look like, but if you have $400k in equity, you don't have to take out a loan on it. You can just refi what you actually owe plus the HELOC.
Thank you for the response. I only owe about 450k total. This is the total debt.
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#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Laguna Niguel, CA
Not quite understanding. You have a first of how much? Balance on HELOC? Your income is W-2 of how much? Value of house?
A HELOC note says in the legalese that they can close it at any time. They can also re-open it if the value stabilizes or something that they saw negative can be over turned.
You are looking for new 2nd position HELOC to pay off the one you have? HELOC has to be second position as the title work they use relies on the title company for the first.
Have you considered selling and investing in a syndication or a gas and mineral rights royalty fund?
Quote from @Dylan Speer:
Have you considered selling and investing in a syndication or a gas and mineral rights royalty fund?
what sort of mineral rights funds are you referring to?
Quote from @Chase Puckett:
Quote from @Dylan Speer:
Have you considered selling and investing in a syndication or a gas and mineral rights royalty fund?
what sort of mineral rights funds are you referring to?
Well I work at a real estate investment advisory firm that specializes in helping clients invest in DSTs and Reg-D's. Mineral rights funds fall under Reg D's. Shoot me a message, I'm happy to discuss how mineral rights funds work/what they are/who syndicates them.